I agree overall. But the irony is that Europe's cooperation with the United States is a major source of instability. So I'd rather see NATO replaced by an international alliance of smaller countries and middle powers or smaller countries that reject aggression and abide by international law.
I also think that the whole "must spend X" obsession largely comes from NATO propaganda which assumed that Europe would use that money to buy weapons from the American MIC. That doesn't invalidate all additional spending, especially if temporary, but I think it's important to recognize the role it has had in shaping the United States (force the poor to join the military) and to vehemently reject that model.